As a homeowner facing the possibility of foreclosure, life can seem overwhelming as you attempt to figure out how to keep your home. Although you may have heard that filing a bankruptcy petition can be of tremendous help, going this route isn’t always as easy as it seems. For those considering using bankruptcy as a way to stop foreclosure, read on to find out what you need to know before you begin the process.
Your Timing Is Key
If you intend to stop Foreclosure Cottage Grove MN, you’ll need to file your petition at the appropriate time. Normal procedure when it comes to foreclosure is that the court will grant an automatic stay that requires creditors to cease collection efforts as soon as the petition is filed. However, if you wait until a foreclosure notice has already been filed, you may not have enough time to complete the bankruptcy process before the sale date is scheduled. Consequently, it’s best to start evaluating your options as soon as possible.
The Right Petition Is Important
Many people are aware that there are different types of bankruptcy petitions that they can file. However, it’s also important to realize that not only is there a chance you may not qualify for Chapter 7 bankruptcy if you make more than the median income in your state, but those who file Chapter 7 may not be able to avoid Foreclosure Cottage Grove MN due to an inability to pay the mortgage. Therefore, you may want to consider a Chapter 13 bankruptcy repayment plan.
Having An Attorney Is A Must
Have you hired an attorney to help with your case? If not, you need to do so as soon as possible. An attorney who has extensive experience with stopping foreclosure can help make sure you don’t waste time filing the wrong petition of making mistakes with the paperwork and filing process. They’ll be able to provide the sound advice you need to make sure things get done right the first time.
Having someone there to guide you through the bankruptcy process from start to finish is a vital strategy in successfully combatting a Foreclosure. The knowledgeable team at Lamey Law Firm Cottage Grove MN can help you comb through the details of your personal situation and develop a solid plain to help your family regain your peace of mind and hold on to your home for as long as possible. Visit http://www.brokemn.com for more information.
